Home refinance request

**Tachyon** · 10-23-2012

Hi all,

I am going to be refinancing my house sometime in the next 2 weeks. I did a few online inquiries and have since had my phone lit non-stop for the last 4 days by a bunch of sales sharks..

I'd much prefer to deal with local (twin city) people and was seeing if anybody here has any recommendations I could seek out?

Thanks!

**Halon** · 10-23-2012

We did our new house through Wells Fargo, and I cannot recommend to NOT go through them enough. I wish we would have used a local small bank. WF was a complete nightmare, kind of like they're just too big now so the paperwork ends up in so many different peoples hands, different offices all over, total f-in nightmare. They caused us to delay our closing.

So let me know what you find out! Because we may be considering refinancing the townhouse if we decide to keep it as rental property for a long time.

**Tachyon** · 10-23-2012

Yea, I've heard a lot of horror stories about WF home loans..

So far I've been getting offers around the 3.5% rate for 30yr fixed, I am trying to get a little lower, but word is it's tough to buy the rate down much as interest is on the rise at the moment. It would cost me about $7500 to buy 3.5 down to 3.25% O.o

**Halon** · 10-23-2012

3.5% is awesome low as it is man. On our new house I think we locked in at 3.625 or something. I personally wouldn't buy my rate down, seems like it'd just take too long to make that money back to really make it that worth it to me.

My townhouse I'm sitting at 6% though, so refinancing down to 3.5% might just be worth it.

Dumb question, but are you upside down at all? I know a lot of places won't do a refinance if you owe more than it's worth. That's my current issue with my townhouse, but we plan to pay a bunch off it once we sell the Fargo house.

**Tachyon** · 10-23-2012

Good question, but no. I purchased this house at the lowest point of 2009 at a greatly distressed price. Since then, it's been appraised *significantly* higher (single family, w/acreage in nice part of the south-west burbs).

I am just getting really anal about finding the best *actual* rate as it seems like not all places compare apples to apples when they advertise their rates.

**JET** · 10-23-2012

I have been happy with Suntrust, they bought our loan our and have been really good. We are looking to refi in the spring and they have been really helpful.

**Tachyon** · 10-24-2012

Quote:

Originally Posted by JET

I have been happy with Suntrust, they bought our loan our and have been really good. We are looking to refi in the spring and they have been really helpful.

Noted, Jet. I'll fill out an app with them and see what they can offer.

rose0529 · 10-24-2012

Quote:

Originally Posted by Halon

We did our new house through Wells Fargo, and I cannot recommend to NOT go through them enough. I wish we would have used a local small bank. WF was a complete nightmare, kind of like they're just too big now so the paperwork ends up in so many different peoples hands, different offices all over, total f-in nightmare. They caused us to delay our closing.

So let me know what you find out! Because we may be considering refinancing the townhouse if we decide to keep it as rental property for a long time.

Crazy, we did ours threw Wells and it would totally recommend them. The guy we used was awesome, and totally on top of his game! But that was a first time home buyer FHA loan.

A//// Guy · 10-24-2012

Probably all depends on who you are working with at any bank. I went through US bank for my old car loan and now my mortgage and Im happy with them.

LaunchHard · 10-24-2012

Im a licensed loan officer at Mortgage Elite in Plymouth. I would be happy to give an honest quote and I won't hound you if your not interested. We work with 15 different lenders on the wholesale side, including all the lenders mentioned above. I cannot tell you how many clients have called me after 90 days of trying to refinance through Wells Fargo and let us complete it for them in less then half the time with little to no effort. Call me on my office line and make sure to mention your from Mitsustyle so I know.

Junaid
763-557-9683

LaunchHard · 10-24-2012

Quote:

Originally Posted by Halon

3.5% is awesome low as it is man. On our new house I think we locked in at 3.625 or something. I personally wouldn't buy my rate down, seems like it'd just take too long to make that money back to really make it that worth it to me.

My townhouse I'm sitting at 6% though, so refinancing down to 3.5% might just be worth it.

Dumb question, but are you upside down at all? I know a lot of places won't do a refinance if you owe more than it's worth. That's my current issue with my townhouse, but we plan to pay a bunch off it once we sell the Fargo house.

Have you done a check through Fannie Mae or Freddie Mac to see if your home is backed by either. If it is, you can refinance, likely without an appraisal with no out of pocket costs to you. It's a free online check and I would be happy to walk you through it or even just do it for you.

I will be out of the office all day today (Wed) as I'm going to Milwaukee to purchase an STi. Either leave me a message with the best time to call back tomorrow or just call me anytime on Thursday.

Junaid
763-557-9683

**Halon** · 10-24-2012

That house is financed through TCF, and we went there and asked them about refinancing and they said they wouldn't even consider it if we owed more than it was worth. If you know a way we might be able to, hell yeah I'm all for giving it a shot. I'll give you a buzz for sure, thanks!

As for our WF experience, yeah a lot probably had to do with our loan agent being MIA a lot. But funny thing is of the 4 we spoke with when shopping for a mortgage, she was the best. But once they locked us in, they stopped answering the phone. We would get tons of emails from random different "departments" asking for the same info, pay stubs, etc over and over, it became obvious that none of them must work in the same building, none of them spoke to each other, things just did not flow well. They stopped answering their phones. I had to track down a random admin office of theirs on my lunch break to talk to them and get them to realize they were going to delay our closing. Was extremely frustrating. Just felt like they were a big company and we were not important. Moving all of our money out of there and into some sort of local small bank/credit union is on our to-do list now.

**asshanson** · 10-24-2012

Brandon, there are now programs for Freddie/Fannie that let you refinance if you are upside down, but only up to 125% loan to value ratio or something. So if the value has dropped significantly, it might not be eligible.

**Tachyon** · 10-24-2012

Quote:

Originally Posted by LaunchHard

Have you done a check through Fannie Mae or Freddie Mac to see if your home is backed by either. If it is, you can refinance, likely without an appraisal with no out of pocket costs to you. It's a free online check and I would be happy to walk you through it or even just do it for you.

I will be out of the office all day today (Wed) as I'm going to Milwaukee to purchase an STi. Either leave me a message with the best time to call back tomorrow or just call me anytime on Thursday.

Junaid
763-557-9683

Do you have a business email I can send my financial criticals to for a best rate quote?

My house is not financed though Fannie Mae or Freddie Mac and I would be looking to do a conventional 30-year as the new rules on MIP make FHA streamline actually more expensive per month for me.

-Paul

**Halon** · 10-24-2012

I owe 138k, and I'd say it's worth about 110k. It was about 1 year ago when I asked about refinancing and they said no. Will see what LaunchHard is able to find out.

LaunchHard · 10-28-2012

Quote:

Originally Posted by Tachyon

Do you have a business email I can send my financial criticals to for a best rate quote?

My house is not financed though Fannie Mae or Freddie Mac and I would be looking to do a conventional 30-year as the new rules on MIP make FHA streamline actually more expensive per month for me.

-Paul

Junaidkhan@mortgageelite.com